Wheat Market Commentary

Wheat futures are trading 1 cent lower to 2 cents higher this morning, with Chicago SRW the firmest. They settled 6 to 10 1/2 cents higher in the three markets on Friday, led by KC HRW amid planting concerns due to wet weather. Friday’s USDA Export Sales report indicated that 18/19 sales for the week of 10/4 were 339,022 MT. That was within trade estimates and nearly double this week last year but still down 22.1% wk/wk. Export commitments for wheat are now just 42% of that full year projection vs the 61% average for this date. The global stocks/use ratio is tightening, so USDA analysts are sticking to their guns on exports.

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